The US, UK, and EU countries may face a uranium shortage for nuclear power generation due to increasing competition for this vital resource, according to the Financial Times, citing TASS.
Demand for nuclear energy is rising worldwide as energy consumption grows. At the same time, Kazakhstan, the largest supplier of uranium, is increasingly directing its exports to Russia and China, reducing the share of uranium available for Western countries.
The World Nuclear Association predicts that uranium demand could double by 2040. This rise in demand is driven by the development of artificial intelligence and data centers, both of which require significant energy, along with the gradual shift away from fossil fuels.
The US and UK have previously announced plans to triple global nuclear capacity by 2050. However, uranium mining in Kazakhstan is becoming more oriented toward the East, with supplies being funneled to Russia and China.
France’s Orano, a major player in uranium production, is already encountering difficulties in ramping up production in Kazakhstan. This is due to the depletion of older uranium fields and the fact that new projects are being directed to Russia and China.
According to analysts at Berenberg, this shift in supply chains could result in higher uranium prices and make it increasingly difficult for Western countries to secure alternative suppliers in the coming years.
